JakartaGlobe-Mar 11
Capital outflows from Indonesia’s equity market accelerated as foreign investors extended their selling spree, dragging the Jakarta Composite Index (JCI) further into the red. Shares of state lender Bank Rakyat Indonesia (BBRI) and tech company GoTo Gojek Tokopedia (GOTO) bore the brunt of the sell-off.
On Tuesday, net foreign selling across all trading segments reached Rp 332.6 billion ($20.27 million), pushing the year-to-date net sell figure to Rp 23.5 trillion. The persistent capital flight weighed on market sentiment, with the JCI closing down 52.36 points, or 0.79 percent, at 6,545.80, marking its second consecutive day of decline. Foreign investors offloaded Rp 117.8 billion worth of BBRI shares in the regular market, making it the most heavily sold stock of the day. GOTO followed closely, with a net foreign sell of Rp 110.6 billion after the government urged ride-hailing companies to pay up to 20 percent in Eid bonuses to their top drivers, who typically do not receive such benefits.
Despite the overall bearish trend, select stocks remained in demand. Another state lender Bank Mandiri (BMRI) recorded the largest foreign net buy at Rp 204.7 billion, while Bank Central Asia (BBCA) saw inflows of Rp 82.1 billion. The broader selloff weighed on multiple sectors, with basic materials suffering the steepest losses at 3.2 percent. The consumer discretionary sector also tumbled 3.2 percent, while consumer staples, energy, and infrastructure fell 2.2 percent, 2 percent, and 1.5 percent, respectively. Technology was the only bright spot, rising 3.7 percent. Read more at:
